PlanetOut LGBT Staff Cuts

TOPICS: LGBT. PlanetOut. LGBT communications. Gay and lesbian communications news. LGBT marketing issues. LGBT communications, LGBT media, online gay market and gay travel marketing business - PlanetOut - announces staff cuts, international office closures.

Ian Johnson, Out Now
July 21, 2007

Gay and lesbian communications and LGBT travel company PlanetOut experienced a cash crisis earlier this year.

Then last month, new funds were secured to protect the company and its continued survival for now.

One issue at present is that the brand has seemed slow to embrace new technologies in recent years with its Gay.com brand remaining technologically similar when other competing offerings have adapted to new technology somewhat faster, leading to declining subscription revenues for PlanetOut.

Latest news on the PlanetOut share price - PlanetOut trades as LGBT on the NASDAQ exchange - shows the brand is well up on its all-time share price lows of just 86c a share just a few weeks back.

In other news, PlanetOut has announced it is shutting overseas offices in Buenos Aires and London as part of an announced restructure for the group.

This is not good news for PlanetOut staff, but is probably welcome news to stock holders.

Here is an AP extract on this:

PlanetOut to cut staff in restructuring
Fifteen percent of work force to be let go
July 18, 2007

PlanetOut said Tuesday its board approved a restructuring plan that will reduce the company's total work force by about 15 percent, according to a filing with the Securities and Exchange Commission.

The San Francisco-based online media and entertainment company, which focuses on the gay and lesbian community, is planning to close its international offices in Buenos Aires and London in order to streamline its operations and reduce expenses.

According to its annual report filed with the SEC, PlanetOut employed 273 full-time workers worldwide as of December 2006, including 10 in Britain and 26 in Argentina.

The company estimates it will see between $550,000 and $700,000 in restructuring costs, primarily related to employee severance benefits. The company expects to record these costs and complete its restructuring plan during the third quarter of 2007.

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